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Commodity Daily News
Crude Oil Slides below $103 a Barrel
Friday, 11 Mar 2011
Crude Oil prices were down slightly during yesterday afternoon, trading just under $103, after spending the day alternating between gains and losses as investors were reluctant to commit to purchases while Moody's continued to threaten further credit downgrades in Europe.
Traders also appeared to continue worrying about the possibility that China might raise interest rates again soon. As for today, the US Retail Sales figure and Prelim UoM Consumer Sentiment report will likely determine crude's next price moves. Positive figures could help inject some needed risk taking that would lower the USD and push oil prices up slightly.
